e) Anticipated investments of future endowments

Regulations: Art. 27.11 and eighth transitional provision.2 Law 19/1994, of July 6, amending the Economic and Fiscal Regime of the Canary Islands

In accordance with the provisions of article 27.11 of Law 19/1994, of July 6, on the Economic and Fiscal Regime of the Canary Islands, taxpayers may make advance investments, which will be considered as materialization of the investment reserve that is provided from profits obtained in tax period in which the investment is made or in the three subsequent periods , provided that the remaining requirements demanded in the same are met. 

However, the deadline will be four years (instead of three years) for advance investments made in 2017.

Please note that as a result of the health crisis caused by Covid-19, the deadlines for realizing the investment and providing the reserve made in advance have been suspended, from March 14 to May 30, 2020.

The aforementioned provisions must be made from profits obtained within the period of validity of Commission Regulation ( EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty, or of the regulation replacing it.

Please note that the validity of the aforementioned Regulation ( EU) 651/2014 is extended until 31 December 2026.

The aforementioned materialization and its financing system will be communicated together with the declaration of IRPF of the tax period in which the advance investments are made.